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Math Help - Marginal rate of technical substitution

  1. #1
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    Marginal rate of technical substitution

    Cant do any of this one
    Attached Thumbnails Attached Thumbnails Marginal rate of technical substitution-1pg1.jpg  
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  2. #2
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    Your text must have a definition of MRTS. Please provide that definition and then demonstrate how to use it.

    Find the Partial Derivative and plug them in. Just keep track of all the other parameters floating around. They are to be treated as any other constant while finding the partial derivative.
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  3. #3
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    Yes i know you need to find MPL and MPK but how do you use the A in the equation
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  4. #4
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    Hmpf... "A" just looks like some constant that must be supplied by the problem statement, estimated with empirical data, or somehow pulled out of a hat.

    Okay, one tiny hint. The MRTS refers to exchange of inputs to achieve CONSTANT production. It seems if we write the production equation as shown above, or if we divide by "A", it makes no difference to the MRTS. Thus, it is good that it is suggested to show the MRTS to be independent of "A".
    Last edited by TKHunny; August 16th 2007 at 05:37 PM. Reason: Less Mealy Mouth Response
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